Progyny (PGNY) Q3 FY2026 earnings: revenue $341 million, up 8.9% on the year

Progyny, Inc. (PGNY) reported revenue of $341 million for Q3 FY2026, the quarter ended 30 September 2026, up 8.9% on the same quarter a year earlier. Net income was $26 million, up 89.4% on the year, and diluted earnings per share $0.32. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$341 million

+8.9% on the year · -2.6% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

10.3%

6.9% a year earlier

Q4 FY2024Q3 FY2026

Net income

$26 million

+89.4% on the year · -6.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.32

+113.3% on the year · -5.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 3 lowered, 3 narrowed, 7 new, 3 kept.

Revenue rose 8.9% on more clients: Revenue of $341.3 million was up 8.9% from the prior-year quarter, which management attributed to more clients and covered lives.
Net income and EPS both rose: Net income was $26.3 million, or $0.32 per diluted share, against $13.9 million, or $0.15, a year earlier, mainly on higher gross profit and lower stock-based compensation.
Client count rose to 607: The company had 607 fertility and family building clients at September 30, 2026, against 553 a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	341	351	313	-2.6%	+8.9%
Cost of revenue	258	261	241	-1.4%	+7.1%
Gross profit	83.7	89.3	72.8	-6.2%	+15.0%
Gross margin	24.5%	25.5%	23.2%
Research and development	3.1	3.3	2.6	-6.1%	+19.2%
Operating income	35.2	40.0	21.5	-12.1%	+63.4%
Operating margin	10.3%	11.4%	6.9%
Pre-tax income	36.4	41.1	24.0	-11.5%	+52.0%
Income tax	10.2	13.1	10.1	-22.3%	+0.6%
Effective tax rate	27.9%	31.8%	42.1%
Net income	26.3	28.1	13.9	-6.4%	+89.4%
Net margin	7.7%	8.0%	4.4%
Diluted EPS	$0.32	$0.34	$0.15	-5.9%	+113.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	56.6	50.4	50.7	+12.3%	+11.7%
Capital expenditure	9.4	6.2	4.7	+50.6%	+99.9%
Free cash flow	47.2	44.2	46.0	+6.9%	+2.7%
Free cash flow margin	13.8%	12.6%	14.7%
Cash from investing	-5.0	3.6	-42.7
Cash from financing	-87.4	-32.9	-5.5
Depreciation and amortisation	2.2	1.6	1.3	+32.5%	+69.6%
Share-based compensation	21.1	20.5	32.2	+3.1%	-34.4%
Buybacks	82.8	30.0	0.0	+175.7%
Diluted shares, weighted	81m	82m	90m	-1.2%	-10.0%
Shares outstanding at period end	75m	77m	86m	-3.4%	-13.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	414	453	560	-8.7%	-26.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	21.7	22.5	24.7	-3.4%	-12.1%
Other liabilities	240	240	210	-0.0%	+14.0%
Total liabilities and equity	676	716	795	-5.6%	-15.0%
Fixed assets	50.3	42.0	24.7	+19.7%	+103.1%
Goodwill	19.8	19.9	20.0	-0.1%	-0.7%
Intangible assets	5.5	5.7	6.4	-3.8%	-14.0%
Investments	78.8	84.3	211	-6.6%	-62.7%
Cash and equivalents	117	153	134	-23.5%	-12.8%
Receivables	249	257	253	-3.2%	-1.3%
Other assets	155	154	146	+1.0%	+6.2%
Total assets	676	716	795	-5.6%	-15.0%

Questions

What was Progyny's revenue in Q3 FY2026?

Progyny (PGNY) reported revenue of $341 million for Q3 FY2026, the quarter ended 30 September 2026, up 8.9% on the same quarter a year earlier.

How much did Progyny earn in Q3 FY2026?

Net income for Q3 FY2026 was $26 million, up 89.4% on the year, and diluted earnings per share $0.32.

When did Progyny report Q3 FY2026 results?

Progyny filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	128	172	195	205	214	258	279	281	270	278	304	287	298	324	333	313	318	329	351	341
Cost of revenue	102	139	151	159	170	200	219	218	213	216	236	227	235	248	254	241	242	245	261	258
Gross profit	25.1	32.9	43.9	46.0	44.5	58.6	60.6	62.6	56.9	62.4	68.3	59.2	63.4	75.8	79.0	72.8	76.9	83.1	89.3	83.7
Gross margin	20%	19%	23%	22%	21%	23%	22%	22%	21%	22%	22%	21%	21%	23%	24%	23%	24%	25%	25%	25%
R&D	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	1.5	2.3	2.6	3.1	2.8	3.3	3.1
Operating income	-0.2	-0.1	8.8	11.3	3.3	15.0	15.2	18.2	13.8	18.5	20.7	12.5	15.8	24.2	24.4	21.5	15.2	35.4	40.0	35.2
Operating margin	-0%	-0%	5%	5%	2%	6%	5%	6%	5%	7%	7%	4%	5%	7%	7%	7%	5%	11%	11%	10%
Pre-tax income	-0.4	-0.1	8.9	11.5	4.1	16.3	17.2	20.9	16.3	22.5	25.1	18.0	17.7	26.5	27.1	24.0	17.9	36.9	41.1	36.4
Tax rate	n/a	n/a	2%	-14%	18%	-8%	13%	24%	17%	25%	34%	42%	40%	43%	37%	42%	30%	34%	32%	28%
Net income	15.1	5.0	8.8	13.2	3.4	17.7	15.0	15.9	13.5	16.9	16.5	10.4	10.5	15.1	17.1	13.9	12.5	24.2	28.1	26.3
Net margin	12%	3%	4%	6%	2%	7%	5%	6%	5%	6%	5%	4%	4%	5%	5%	4%	4%	7%	8%	8%
Diluted EPS	$0.15	$0.05	$0.09	$0.13	$0.03	$0.18	$0.15	$0.16	$0.13	$0.17	$0.17	$0.11	$0.12	$0.17	$0.19	$0.15	$0.14	$0.29	$0.34	$0.32
Operating cash flow	8.8	-11.3	19.2	20.9	51.5	21.0	76.0	54.2	37.7	25.7	56.7	44.5	52.2	49.8	55.5	50.7	54.2	45.9	50.4	56.6
Capital expenditure	0.6	0.8	0.5	1.2	0.7	1.3	0.8	1.0	0.7	0.8	0.9	1.8	1.9	2.8	5.3	4.7	5.6	6.3	6.2	9.4
Free cash flow	8.2	-12.1	18.8	19.7	50.8	19.7	75.3	53.2	37.0	24.9	55.8	42.7	50.3	47.0	50.2	46.0	48.6	39.6	44.2	47.2
Buybacks	n/a	n/a	n/a	n/a	n/a	0.0	0.0	0.0	0.0	23.8	160	61.5	55.1	0.0	0.0	0.0	81.7	119	30.0	82.8
Shares outstanding	91m	92m	92m	93m	93m	94m	95m	96m	96m	96m	91m	88m	85m	86m	86m	86m	83m	78m	77m	75m
Filing	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.